With a new office in Seoul opened earlier this month, BayWa r.e. is already bringing forward three early stage solar projects. BayWa r.e. also plans to quickly expand into wind projects and solar product distribution.
“With support from the South Korean Government, the renewable energy market is seeing a resurgence and we see significant opportunities. We are already looking for investors for initial solar projects and are confident others will quickly follow”, says Matthias Taft, CEO of BayWa r.e “While initially focusing on solar projects, we also see great potential for wind and opportunities to support the country’s growing solar installer base and need for high quality products. We expect expansion into these markets to follow soon.”
South Korea relies heavily on coal and nuclear power to meet its energy needs but has set a target of 30-35 percent of energy from renewables by 2040. Government support for renewables is now attracting both local and international organisations.
“South Korea is a really exciting market and an important part of BayWa r.e.’s strategic expansion in the Asia-Pacific region”, adds Daniel Gäfke, Director of Projects APAC for BayWa r.e. “While the government is engineering a transition to renewables, green energy currently makes up less than eight percent of the country’s overall generation. A huge effort will be required to meet the 2040 renewables target and as global experts in renewable energy, we are looking forward to playing our part in supporting South Korea reach this target.”
Since expansion into Japan five years ago, BayWa r.e. has grown businesses in Thailand, Malaysia, Indonesia, Australia and now South Korea. It will also soon open a new solar distribution business in the Philippines.